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2700 MOODY'S MANUAL OF INVESTMENTS Net prelit ............. Uri>ui.ht forwurc. Hcv.it. fatirp'.Ua__ Prov. Jor tux. ... i'cii'-iuti lund__ Total ....................... (; rn-raJ n-sorvu . !);vidf'mls ............. Ln *tk. vi*d. rt.. tamed iorward. 1949 4.i:`3.US6 210.4 JO 4.40::.5.' ;>.`:mu)|) l.J 4-.77 I 33.7(K) Balance Sheet, as of June 39: AsiuH; iu:u Cash -........................ 0,393.549 Tax res. clf^........... 1 (Hi.0<10 Brit. Gov. see.__ 172.400 Sundry debtor.-... 1.34 (.823 Cupper Atks., uic.. u05.;;n2 Mutcnab, etc. ... 1,182,514 TomJ current. j I'ror>. (Cusli ... ,i Explur, dv.. bimclr.v iiivesl. ... ;O,0UC 533 5.*15.01)123.399 Tui.il ............... Linbi]ilii.*s: Creditors, etc. ... Ku.seivc lor lax.. 15.7S5.544 JL 830.203 2.0U2...fe:t 1948 Inabilities (cant'd) 2.745.106 f'tov. lur accruals 1949 100,245 1MB noties In years ending Jon. 9, as follows: To 35,300 and including 1949 at 105: thereafter at 104 to 193.458 jjjv'j. payable____ 672.220 1.008.330 and Including 1954: thereafter at 103 to and 222.1K6 including i*J59: thereafter at 102 to 1964. Unless Cr 450,000 Total current. 4,517,257 3.334.084 previously redeemed stock will be repaid at cr UiS.'jOo | Capital stock____ 4,8K8,S74 4,888.874 102 Sept. 1, 2964. Company has power to issue 3.71C.7JH i V,i loan stock .. 700.000 700.000 1.300,000 additional block subject to same S30,0fl0 .Redemption res. . 1.0'8.330 j ({(-place. reserve. 25.700 Revenue reserve . 172.550 2,631.154 2.y 01.391 136.850 provisions and conditions. 1.596.671 Capital Stock: Mafullra Capper Mines* UA 2.351.301 stock: par 1: 210,130 U. K. inc. tax------ 760.000 449.750 AUTHORIZED--6,000,000 shares; issued and Appropr. account 205,316 210,430 outstanding, 4,888,874 shares; par 1. fully 194* 5,277.252 400.000 Total ............... 15.785.544 13,668,050 Net current assets 5,489.331 4.653,859 i Represented by mining leases and special paid. Initial capital of 6,000,000 par 2s shares was increased to 0.000,000 2s par shares In Dee1930 and increased and changed to 5.000,000 1 683.175 C51.S40 975,676 grams, etc., in Northern Rhodesia. Represents expenditures on exploration development and equipment of properties at cost less proceeds or sales and after de par shares on May 25. 1937. OWNERSHIP--As of Juno 30, 1949. Rhodesian Selection Trust, Ltd. owned 64.07% of entire outstanding stock: balance owned by Rhokana. duction of contribution from H. M. Ministry Corp.. Ltd., British South Africa Co. and pub 7,937.943 of Supply and amounts charged to provision licly. 34.4CI lor replacement. DIVIDENDS (Before taxi--Initial dividend of 5.637,285 Accounts certified by Dcloitte. Plender, Js per share, paid Sept. 23. 1937; Sept. 29. 1938, 8.361 Grifiiths & Co. 2s 9d; 1939, 2s 9d; 1940, -2s 3d; 1941, none: 1942, Debenture Stock: On Aug. 23. 1944, company 2s 3d: 1943. none: 1944 and 1945. Is 6d; 1946, 13,G68.05O issued 700.000 unsecured 4tfc% debenture 3s Gd; 1947, 12s 6d: 1948. 78 6d.` 19-19. 8s Gd. block at 101. for development work at mines In May. 1937, stockholders received s stock 035.181 in Rnudocila. Interest payable M&S 1. Callable dividend of five fully paid 1 par snares for 1.03: ,204 as a whole or in part by lot on 3 months' each two 1 par shares held. PITTSBURGH PLATE GLASS COMPANY CAPITAL STRUCTURS l.-iI-TIAL STUCK Par Amount Earned per Sh. Ditrs. per Sh Call Price Range iMfcUO Value OuiaU>no:ntf 1949 2948 1949 1948 Price 1949 1932-49 1. Common --------- 510 9.030.182 ShS. 53.75 (C$3.33 $1.75 $1.75 ZlVt-lSV* 2J48JH-2a% Lt AJlcr rr-manr:ai:or. to increase charges for depreciation to replacement cost rather than an original cost basis. Beiore such ap- prnpriatiuit oanunl pur sh'm, re was: 1949. $4.22: 194S, $3.65. fCRango since 4-Ior-l split in 1945; range from 1932 and to the split in 1945, 16C',z-12l'. HISTORY Wayne G'oss Co.. Canonsburg Paint St Glass of plate glass (capacity in excess of 130.000,000 Incorporated in Pennsylvania Aug. 24. 1883 and retacorporated in Pennsylvania Nov. $, 1920 upon merger with the FaUon-Plr.cv.iirn Co. and Columbia Chemical Co., buth incorpo rated in Pennsylvania in Nov., 1920. For de tails of stock issued In 1929 see Capital Stock --Issued. The Patum-Pitcairn Co. was a hold ing company uwnlng aU >f tbo outstanding stocks or <li Patton Paint Co. of Milwaukee, In whu.-n Pittsburgh Plate Glass purchased a *9% stock interfc.M In 19vl> and subsequently Co.. Coiumbia Development Corp., Queen City sq. ft. yearlyj, which is used principally by Paint & Glass Co. and Umuniown Paint & Uie automobile industry in the form of safety Glass Co. Also, in 1943. purchoscd Micronizcr glass winch comprises two sheets of plate glass Processing Co., Moorcstovvn. N. J., manufnc- pressed togeiner with a plastic- imcrtayer. tuic-r of insecticides, and aricq_u_i_r_e_d_,_a c__o_n- _P_i_a_t_e__g_la__s_s__i_s__e__is_o__u_s__e_d__f_o_r__b_t_o_s__e lronts. mtr- trolling interest in Midvale CoaJ Co., Midval*e, rors,. etc. R- anks as one of- -t*h e l`eading pro- O.. which was subsequently liquidated ana ducers of aheet or window glass, sold under n~ow operated a--s a d-iiiv...i.s. i.on. the trade name Pennvernon. Chief row ma Jn 1949 acquired plant and property of a terials of this division are soda ash, sand, window glass factory at St. Laurent. Quebec. limestone and vinyl plastic. Canada, through Canadian Indussttrriiaal Glass Ranks as one of the feeding producers of. acquired a majority i2 Rer.noua. Kleinla it Co., brush Manufacturers of Baltimore, in Co. Ltd., f wholly-owned subsidiary. Durmw 1949 sold interest in Gurley-Cosn- yauit, varnish, lacquer and orushes, which are sold in large quantities to automobile whlch Pittsburgh Plate G)-vs acquired a 43% a partly owned subsidiary, and companies and other industrial consumers as stock interest in 1900 end subsequently ac- liquidated Geneva Paint & Glass Co., a whol- well as for general trade purposes in paint- . quirod e majority i3) Pitcairn Varnish Co., Jy*owed subsidiary, mg of new houses ana in home rehabilitation. and (41 Corona Chemical Co. Upon formation of the company In 1683 the first commercial pJste glass factory in the United States was constructed at Creighton. Pa. In late 1927 the company and a subtidiurv of E. T. du Pont de Nemours each acquired 50% stock interest In Pittsburgh Safety Glass Co. (name Mibxtqucntlv changed to Dupiate Corp.). which constructed a fl.000.000 plant saat feCtyregiginhsto*.n,usPinhg thfoer ctohme pmraaynVupfatcattuer'eslaorfi and du Pont's plnsl'c Interlayer. In 193f ac- quired fuil control of Duplate Corn- In June. 1928 acouired Dit-ler Color Co. of Detroit, manufacturer* of automobile finish!., now operating as D'.tzler Color Division, a unit of the Paint Division. Tn 2929 began pniduotion ot "Wsllhlde," a new interior pnLit. in 1931. vMntlv w'.t'i American CyanAirdd Co., formed Southern Alkali Corp. (tn which the company owns a 51% stock Interest .md AmrrK-an CymiamJc!. 4:rt). Sec statement appended. >r, Mar.. 1337. Jrinrly with Corning Class tVi.v:-.:: f-.-e sjenc::.: index) formed Pittsburgh Coi'.im? Coer. to msnuiacture giaw< building b>o r'.nu .<t \ *-: *tt\. ft : newly*constructed 7* Alier.nr- Fe. F.v:h cor.ipft-.y own -- 5u% of the 5l.fOU.CxiC outstanding capital .stock of tills concern. in 1938 exercised or* or t:en to oiirchcse 98,- OO'i shares ,.f Anwawn Cvimoi-i'U C<>. clays n took *t $?: :>er uu/rroption fc- Minet m Tins slock was sold in 19-19. In 1944 acquired maiorug interest in Murphy Paint Co.. Lit!., nd tb* ousinoee and factory of Pacific Alkali Co. Tn Mr.y. UMU. a.;r,atr< il Brush Mfff. Co.. San Francisco, arid In Mar.. 1S4*. M. B. Fu^iJam Co a 'nani>facturr-r of paini produdt. in exchange for 3*. o.v. jio par com mon - hares of Pittsburch Plale Glass Co Both are now operated as divisions. In Apr.. IL>:7. acqaired Forb--* Varnish Co . SUBSIDIARIES parent functions chiefly as an operating company. As of Dec. 31. 1949. owned 100% of the voting control of the following: C. A. Michel Co. (Pa.) Canadian Industrial Glass Co.. Ltd. (Canada) Cia putsourco de Vidros c Cristais (Brazil) Indiana Manufacturing Co. Kingston Paint it Glass Co., Inc. Nevius Pain is, lac. J'ntbhLViiPa'int Sr aimma ra Im ttar. i mCoe.)ri7y TTthLOommAaMs vvV. *Lac*ka*yMe Paint 8k Q-1l5aa*a" The Rainey Stores, Ine. L:ewicklcy Hardware 6e Paint Co. Societe Anonyms des Glace* Uc Courcdlee [Belgium | Thresher Paint At Varnish Co. (O.) '-V'JCC Pamt 6c Glass Co.. Inc. As of Dec. 31. 1949. owned less than 100% of the vo an $ control of Uie following sub sidiaries. Southern Petroleum Corp. (51%) Duplate Canada. Ltd. (61.G9%) Duplnte (Windsor). Ltd. (Canada* (100%; Duplate Tool <Sf Die. L1r\ 1 Canada) (100%) .S.mlh St Stone. Ltd. icanadat iJuOvi-.) Lia/civ Glass Standard*, Ltd. (Canada) 1100%) S`*utht:rn Alkali Corp. (51%' K Sonlhem Pipe Lire Corp. (69.272',*) CO .^outh'jrn Minerals Corp. i26.H2') Qj gTM;}14:TM Southern 5Pipime 'TMLiInseCCCooroprrp.p..1_3(7j..543/l%) '-f-.uphv faint Co.. Ltd. (Canada) 3 (7J.8j*.083%) Thoni-Hamnrocic. Ltd. (Canada- (100%} As of Dec. 31. 1949. owned about 18 inactive su':.ifliariLS LiJ Lquity of Pittsburgh Plate Glass Co. in capital sioe!-. of Southern Minerals Corp. is f.i',. . C*V3. c appended statement. ll'iuiiv of Pittsburgh Plate Glass Co. Jn raiulal stoik of Southern Pipe Line Corp. is Chief raw materials of this division ore lin seed oU and other suiveuu, colors, metallic pigments, etc. Ranks as one of the leading producers of soda ash, which is used m the manufacture of glass, soap, oil, textiles, drugs, puip and paper, and. in water sufUnmg, purification processes and cleaning operations, and uf caustic soda, which.is used la the manufac ture of soap, chemicals; rayon, lye, textiles, and In petroleum refining and rubber re claiming. Other products of the chemical di vision include (1) liquid chioruio, used largely in the production of chemicals, textiles and pulp, and in water purification Uj modified sodas (3) special alkalis (4) calcium chloride Hcnnlg's purifier and sode briquettes, used for desulphurising pig and cast iron (6) salt for industrial uses i7) calcium hyocMortte, used for water purification (8) CaJcene or SUene. used for rubber, com pounding,.and (9) Borax used In cleaning. Principal raw ma terials of this division are salt and limestone. Relatively minor divisions oz the business con.prise the manufacture of Portland ce ment. dry colors, insecticides, lungiciaes and fated grain disinfectants. Products are dis tributed through 241 sales offices, stores and warehouses located throughout the country. PRINCIPAL PLANTS A PROPERTIES Plate glass manuiecturlng piAnts ara lo cated ai Creighton and Ford City, Pa.; Crys tal City, Mo., and Courceiiea, Belgium (closed early tn 1940, after German invasion of Bel gium). Plate glass from the Creighton and Crystal Cliy plants Is used in the imbrication of the company's safety glass. Window glass factories are located at Henryetta, Okie.; Mount Vernon. O.. and Clarksburg. W. Vp. All types of home, industrial, automotive, marine and other paints and finishes arc made by the Paint Division in ten plants located at Milwaukee. Wis.:. Detroit. Mich.: Newark, N. J.; Portland, Ore.; Dayton and Cleveland. O.; Houston, Texas; Los Angeles, Cal.; Pittsburgh ond Springdale, Pa., and by suhsidiarv at Mnh now oprratpfl ,,s Vr.c'i:ttf Finishes Division, a unit of tin- Pr,mt Divi.tmn. Dunn-: :.M.7 F>itsl*.ir:;h ! 'a:'- OI.ws Co. of Mirh.. Fiiubi nnrl C`.;i -icv. IioIIn - . 11< A (in Gas tif sm . n n Co.. nml r.i 1 il !!U*. eenoroi for pj'<-rt-io:ui i*'v pri e s\ih nhsr.i }. ti Km n;li ; )" dr : ui'icl On .'on M' ni, . J l.i: Dunne cidiarie.s \\i i,- lips Co.p. lv-rn pipe r'nui suh.Had A.'iiivd l".i lf A GJj'** Co.. Alloona 6t Paint Co. Anthony Note: Owns 50% of voting control of Pltts- bu.-'uh Cn. nmg Corp. and Stopper* Pittsburgh C > <>cu lli;.lory/. In i:>: 1. r.cuuirctl PHMni.) l'..Lils!ii du aViudirinoopriiatvnoinwtelntiv"i,sat in ComM indnvv glass plant at Seo Paulo, Brazil. AAlIsMo, ttoo. gether with Corning Glass Works, acquired minority interest in two other South American producing enterprises, CrisUleries RJgol- laau (Buenos Aires) and Santa Marino Co. Snc, PmuIoj. BUSINESS A PRODUCTS PrlnciiJ.'i industries served are the automo- IuJk. which consumes the company's safety ci.vis and finishes, and the building, which u^es pamti, virnisiies, bruf.lies. window gloss, j.'ate L'-ass and mir. rors. Rank:, as one of the two leading producers treal. Linseed oil is matlo at Kcrl vVti:;,r. Minn., and by subsidiary ot Montreal. Point and other brushes arc produced at Baltimore. Md., Keene, N. H.. and San Francisco. Cal. Paint proving grounds ore loenM.-r} at FI. Lauderdale. Fla.. Newark. N. J.. ond Milwaukee. Wi. A store lront metul factory is located at Kokomo. Ind Alkalis and other rheiTocaJs ire produced at Barberton. O., Bartlett. Ctdif., ond at Natrium (near New Martlnsvtlicj. W. V*. iplant purchased from RFC ir. exercise of option), also through a subsidiary. Southern AJkoli Corp. with plants at Lake ChuricK. La., and Corpus Christi. Tux. OU,er activities include a cement plnni m Zanesville. O. (2,000.000 bb/ff. yearly enpncily); the menulsctute of dry eoiory. tnsecucides. fungicides and seed germ disinfectants at Mil- PLAINTIFFS EXHIBIT |a U-687 MOODY'S MANUAL OF INVESTMENTS 2701 ' wanknc Mti'l Mco:<s? Imvn. N\ nnd mines It Crv^tnl City. Mo.: limestono niinrries at FuJ- tnnhnm O.. ?.! mine* near New Philadel phia O an-l ivh prui-vriieje and pa* lines at y,,-,V c;iv' Pn. fn addition. 241 Rates offices. v-x\v'.\ ''.r- *turc are npcmcd fnr tlo riit?ihu:tn of paint, etc. Research lab* nramr:.-' are located ns follows- Class at Crcicbi- n p-inu 1 Milwaukee, Newark anti Detroit, civ minl< at Barberton. Pittsburgh Corning Corp.. a 50*?- owned comnnv h.i.i'k glass hloelr producing plant at Pori AlU'unnv. Pr... and a foarnglass and class block nl.vit .:t Scrlnlii. Mo. fffANAQEMBNT C M. Brown. Chairman of Board and of Finance Comm. H n Bfrcin*. Pres. 6r Chmn. of Exec. Cora R. B. Tucker. Exec. Vice-President E. T. Asplundh, vice-Pres. (Chemical and Cement Dtvs.) D C Burnham. Vice-Pres. (Merchandising Div.) Lelnnd Hazard Vlce-Prea & Gen. Couaa J. H. Heroy. Vicc-Pre*. (Brush Div.) T. w. Tud*.on Vice-President E. D. Griffin. Vlre-Pre*. <Paint Div.) J. A. Wilson. Vice-Pres. (Ginas Manufacture) W. Simmons. Treasurer H. Brown. Secretary S. H. L Burk. Dir. of Ind. Relations C. R. Pay. Comptroller M E. Carlisle. Purchasing Agent ft. D- Bole. Chief Engineer Guy Derghoff. Dir. of Public Relations J. H. Henshstw. Export Manager W. R. Harper. Sales Mgr.---Glesi Div. W. 1. Galllher. Sale* Mgr --Chem, Die. E D. Peck. Sales Mgr.--Paint Div. pipettors Clarence M. Brown. Philadelphia Howard B. Brown. Philadelphia E. T. Asplundh. Pittsburgh E. D. Griffin. Pittsburgh LeJand Hazard. Pittsburgh J. H. >reroy. New Vork H. B. Higgins. Pittsburgh Richard K. Mellon. Pittsburgh Harold F. Pitcairn. Philadelphia RavmonH Pltcoirn. Philadelphia R. B. Tucker, Pittsburgh General Ceunsef: Ulino Hazard. Annual Meeting: Flrrt Wednexdav In April. No. of Stockholders: Mar. 15, 1959. 14.031. No. of Employees; Dee. 31. 1049. 26,257. General Office: Grant Bldg., Pittsburgh J9. mconn accounts COMPARATIVE CONSOLIDATED INCOME ACCOUNT. YEARS ENDED DEC. 81 (Taken from reports to Securities and Exchange Commission I rrvet *1cf ........................ ..................... fjiCot <T goods *oM............. ....... -- -ftOlhcr nmnufecturlr.g cost* ----------- 1 fMO f?S|.462.159 7fi7.21fi.925 14.404.924 1918 S2S0.037.251 105.039.617 21.843.780 1947 8263.S2ft.489 146.402.770 24.05fi.267 1946 8184 *90.640 101.319.216 2S.S08.536 JHOO^Ul 82.261.JS1 30.476.965 1944 $142,846.3*5 78:826.439 21,927.224 1943 8119.3B3.330 67.958.181 14,303.718 i7p^* ornftt from regular products Gro f^om auxiliary oper.......... Tot/! -r.'fft ...__...... i*VUrr?. Rtneral A admin. expen* Operating profit - - -------------....... Interest and dividends received........... Rrw*1Ve: r mixed --------------------- ------ -- pTOthrr nninw ............. -.................. .......... otos< Income ... WIncomo deduction* Balance ................... .......................... .. Federal tre^mo ttxs* ......... ....... State Income tore* .................................... Federal excess profit* tax----------- .... flPrlrr m tnx adjustment, net -- Pnt-Trir refund--excess proht tax.. nppnnsir-n. **e , reserve-. --------- ... J'fRooier'.vvrnl oct provision............... N-t ?* turnips.-.-____ Earn''-) ::r vs beginning of year . TOihor surplus adjustments....... .......... Ifti.750.ni0 104.7.10.31ft .'f).n0.2J2 54.440.098 1.824.83ft 3.300.489 59.779.408 344-320 50.425.088 2ft.220.nO9 1.070.0A0 93.153.054 93.153.054 41.708.73$ 51.445.226 2.230.048 161.178 704.495 54.540.943 592.043 53.94S.0OO 2ft I*" 532 1.077,488 2 .822 200 24 2 5? .788 "J 377.984 11.700 319 2.865,700 29.fi83.200 58,82.1.52s 15.084.898 CT 1.156.155 92.070.443 92.070.443 31.087.378 56.063.065 1.794.41ft 394.013 152.521 58.594.028 2.346.208 5fi.Z47.02O 23.897.217 1.102.783 3.470.675 27.771.145 43.241.741 15.189.357 57.833.187 57.833.187 26,233.2'2 31.599.945 1.561.701 137.032 2.407,516 35.706.344 4.645.245 3J.OR1.099 13,377.187 622.813 41.971,02ft 63.011 41.434.937 23.079.716 IS.3S5.221 1.719,127 142.911 381.667 20.398.927 192.601 20406.323 7.186.643 347.166 513-357 CTl.lS0.0O3 J 7.061.009 3fi.ftS0.70ft 20.670.067 13.S3a.lft" 65.90g.940 9.401.551 dr 33,190.840 42,093402 254.922 42.347.728 18,562.173 23.785-5*7 1.6T,4.7M JM.R40 431.404 26,013 j5X7 101.499 15.912 1 fix 7.124.099 519.551 S.353.223 cr 935.322 13 45" 37 61.851.095 9.393J93 97.121.831 574.269 17,695.920 I6J92JT8 IUD3J42 1.UT.450 46.977 1J36.044 93.804.013 349.825 33.554.186 7,100.000 364.600 9.000.000 CT 300,000 13.389.588 57.296.209 8A34.892 Earned 'urnb?* end nf year . --. ftO.fl.S40 453 S71.277.9S1 855.ft23.528 J43.241.741 238.850.700 965,90.3.040 961A51J95 SITPPt.EMTTNTARY P. & L. DATA Ornn-'-i.-j^inn, de^lctl^n & nmort.. 'rMn*r>fr,,irn<*r nnrl rt'pair* ....____ rtTnxr*. other than Income. --.. ... W^nte ----- -------------- ------------------ -- ---- Rnvalfle* ............ - ----------------- ---------- Prwulo.i for Sad debt* fnetl.--. Parent r-ir^^nny** net aalea__ ........ Parent *<!.i-eanv* net income--------- . E^ultv <*; r.rrtnirfl of subs. crm*ol . Di\wder.H^ ^r^rn *h consolidated__ E-nuilv :m\. of subs, not cons...-- 'TYvfderri? fr.^rrs subs, net consolidated *6.773.126 15 060.858 4.103 484 1.488.776 S30.R99 Not stAtcd $3.053.127 886.287 56 ?**0.6t7 n.orn 12^ 3 *15.928 1.264 * 50 430.66R 395.934 N,ftt stated S3.'42.n5? 1.379.35.*. SS.ftrr.65t lft.835.2ftg 3 543 978 1.083.373 352.146 476.326 Not stated J3.3U.14? 033.883 S5 fiftf.813 3.920.833 2.S70.199 1.211 fi*ft 226.57ft 284.149 8175.50ft ?0ft 2fi.435.9fi6 2.S7fl.lftft 2.007.15ft 2.005.461 442.176 85^25.125 7A11.632 2.355305 2.932.81ft J78.131 477,054 $136,551,180 12.651.08ft 1.654.003 763.560 1.568.5-1? 743.095 85 460.34: 7.905 452 2^7f.tS 2^29.473 242.015 118.50" 2138.596 63 13i194.1Wft 1.107 V* 1,281.757 587.45k 85.679.101 5,809.885 1.441.942 1,164.972 227AH 92375 $100,260 825 18J16.1I8 L261A41 760.530 1,140.453 323-556 TGjts* raTpp !e* dlacotinbi. retuma and i aries purchased in 1946 over net worth at date* allmvnrf^s rnd Irir'udcs folMwInn a1e* t< of acmttsltlon. ^whsiflinrlc*: jo.i?. S13.in8: 1944. [TAnpropHalfon required to change from S:'2 <77- '-.IV. sn.tffti- !94ft. 8110.848: 1947. S334.5.18 !: 8-.-:.r}?7. 1040. si.147.147. rarh to rrrerve hal of providing for unin sured portions and relief. TTr.clv.d-* related ^nrH^n* f Items ahnwn fTlftlS- Transfer ot reserve for extraordinary und***- ''SM.jtVementary PAL Data** bc>cw obsolescence (rrprrsentinc arMuslmmt of net book value nf nrnncrtv rcsuUinp from an Jn- ?0SAppropriation of income tn Increase charges Tor depreciation tr. n raplncement cost rather thnn on orieinol cost basis. 571944: Include* $750.0fto provision for con tingencies. UTRefunds for nHor years of Federal income and excess profits taxes, resulting from ac celerated amortization. 2:*'r,`.Jdc-^ coin ori spIv? of rccunlies. vrntorv of proportion in prior vear*. General Note: Coiopnnr follows policy of ^'v;ir- /r.rlucles 5992.^54 wrlfc-ofT of excess 19<V Conslstrd of transfer to slated copltfil In conncrfon with exchange of four StO par tokfnc up income from ubfidiarles onlv when revived a diviclrnds. Company's share of un of rof nf inve^tmentp in mbsldtarles o\rer net shares for each fnrrvnr 825 par share. distributed net profits nr domestic and Can \vrrth M dstr-s of acquisition: 84o(1.4]2 WTlte-O/T `Hnclvd**! srH'i'r' ^rr-nrita* farces- 1949. Jt.CTO.- adian subsidiaries, not consolidated, wo* S3,- Of unn .-vd cost or 'Icijletnhb* nroperty and ftlft- 191V 81.fill.181: 1947. 81.597.79": 194(1. 81.- nsi.127 in 1919 f 1948. 36.C74.960: 1947, $2,838,251; $54" i ' r * ton additional prior years Fed *71 .ftlfi: 'fir,. S.597.C41: 1944, SI.120.J96: 1943. 31.- ?.(m..749: 1143. Sl.on.375: 1944. $887,662: eral inrrn < `' xcs *,97 1943. 57",9.120) which amount was not Included (:v 'u.!s 84.ft0O.0P0 provision for pn- Tlnclude* provisional choree* for repair? In above income account. I>mitv in n:vt profits sibic rr **-I'-t in Inventories and K160.- and inninirnanrr- 1"43. 5111.477; 1944. 3133.066: of company's Belgian and BrnzUIan subsidi- fi-18 vr-i * ff of o:cc*s -f cist of two subsidl- 191"., 5I2':.fi7:; 1916, 8186.50': !PIT. 3416.896. nrit-s nrt: not considered significant. Record of Earnings, years ended Dec. 31 (In S) Cost and Oncrfltlng Olh. Inc. At Inc. Bef Incoma Net Year J03fi... 1937... 1936... 1939... 391ft... p'-.: Iff * J N*'t Aolrs r..! 10 431 93 315.307 fi4.355.P34 93 TS9 C2J 07.fJlft.M1 :rr, \ "l." Expcns-s 6ft.266.79S 73.1P3.i72 59.45050 70.4(11.929 7n.fift7.34fl <19 275 773 ?.91K.207 Profit 1(1.643.693 20.11t.736 4.90.1.884 12.787.692 10.331.291 28.778 23ft 17.8R8.I3fl n*d imhi J 02fi.RftS 2.436 207 3.128.686 498.043 1.102.120 1.39,1 339 S59.994 Taxes Ifl.770.3M 22.569.942 8.032.570 13.205.735 lfl.fi35.411 30.172.J78 ?fl.7-IF.n? Tax^* 1.448.754 4.281.972 1.541.663 2.519.121 5 841.474 m.ifln.nnn 7.511,90ft Income 15.321.834 18.287.969 6.488.907 10.786.412 13,791.937 J4.9FfU76 Jl.207,132 BALr* -:r --HF.CTS COMPARATIVE CONSOI.'JMTED B/VLANCR SHEET, AS OF DEC. SI Common Dividends 31.783.121 13.928.415 3.770.272 8.672.611 10.909.174 J0.ftnl.175 7.707,^89 Com. Rhi. Tam. Per Outstnnd. Com. Sh. 2.142.443 7 13 2.I42A33 6.53 2.158.764 2.01 2.177,224 4.94 2.168.040 6J0 2Jffl.43fl 6.82 2^n$,72.7 5.99 fTfllren frnm report* tn Securltle* *nd karhonga C'jrr.mUi.Ioni Ad<ir'.*n C**k ........................................ --......... TTf c fl - crneni securities......... .. rr 'Mb-.' *r ratable r.eciirltle*.. ... .. TVav* ,v ;j.tt* recelv accrued etc. Refund 'f p-:*-r Federal Inc. taxes .. irv. />: l > ................................................. :mi FL'.'i SMI.012 : '1 7r:- fi!fl 2;::: nr.n 2:.765.C96 p`.*j nfjft ift-ip SHfloi.cr, II 103 no t '-75 523 22.339 1. 72 *73 570 777 1947 s:n,n!4.78fl a.13'1 -:ci 3.388 -126 J8.S78.799 31.409 44ft 1946 Sffl.S 12.582 7.344 *30 5.096.2'] 15.450.973 37.321.078 1945 St2.1ftS.9fi2 23.176.765 5,420.71*4 0.403.707 1.180 W 28.538.72? 1944 ji2..*ifi rsn 23 5*l.ft0 5.J90.-ifto 10,465 1? ` 27.191 r?> IMS 8l0.2t2.S3S 13.132.673 5.706.777 8.911.286 84.8fi6.3lft Total 4.arrant assets . _______ _ #1,- .*. -v;*.*, fn *.r''<nsn 1 <tih*. Inv*-** ?>"- `.rr. s-.if.i n.*t consol __ Mlscf !Ia**enu^ lnvc*lai-nt* ............... .. N^n-r-jrr**- : t?ote* Ae accrruntz inet). rspr`*,n*,."t"* -'nt At eoulp..................... Tilxiif- dcpl Af amnrt. r<v*.... f.r-s- Fvir.. *1 obsr) re*....................... S.::0 1*3.487 -: t.<..:f r^.povi : !u: :ftfi ;rr ??t.s?r. o; ficr.o-i? SlIO 527.177 ft.fiftt rn} 3 377 r,flr. r. 117.510 : ft04 ',fiS 1A2 orr, 7*7 86.112.074 ............... S101.737 357 s.io: 001 ? nc" 7.Sfi%.!!5 5.4.13 '*:r. jc-t.47? 9?.r, *7.075.089 1.356.1*3 5^3,756,302 5 ?'S.onn J.337.277 7.7:50 XftO I.S5 1.043 2i sr-r. 77.1P4 fllft 1 TSfi.135 579,015.281 5.333.000 820.J7J 7.9??.0"7 J.42.*!.fW*ii 132.164.fflf* 73.ft0ft.ft0: 1.353.343 S70 ir-fi.i 'o 7.203.CM J 7.109 r:v 1.182.031 128.868^76 68.ft05.6r'3 US? 04fi S71>?3.79: 6.937.017 J 4-381454 L0S4.r.7S I25.970.ffi* 6026J75 1AS39M Sn' -t- party ........................................ P*lr**U.......................................................... . Deferred charges ... .. .......................... :ri i:.3.ftft8 J.ft22.:.2$ 93.954 70* $.011,053 80.440.781 3.7SJ.675 71.413 *<3 2.0PS.0P4 57.0OO.I** 1.906.7 T 5(Un8.fi?4 1.6437*7 00290.44-1 l,JOi:077 S2:/.612,1KC $227.3J:!.ft20 J206.07O.ft28 *'.74,003.267 8154.425,374 1155.465.150 t!46^36.162 2702 MOODY'S MANUAL OF INVESTMENTS BALANCE SHEETS (contd> LIABILITIES Account* parable. trade----------- ------KotM parable --------- .......-----------------Accrued (ixti _ -- ......--........... Other payable* and accrual*.................. 1949 S9.M3.422 ?H2 H0 2li 313.504 >>.675.038 1948 Sit.669.569 sto.neo 25.32.1.481 8,014.568 1947 $10,285,542 346.483 27.201.335 6.565.666 1940 $7,024,766 178.987 17.768.595 4.530.836 1945 $9,157,077 417.5ns 9.853.339 2.688.246- 1944 *4443^07 17,951 1S.600.S9C E76R.rn 1943 4JT2.902 18.315 13.227.767 1.406.403 Tataf current UofelHtlct ... Collected on installment sales Deferred credits ........................... Reserve for contingencies............ Inference reserve ................................. .. Pension end relief reserve........... .......... Reserve for malnt A "eoslrs. ate...-- Replacement cost reserve ......__ _ Minority interest............. ........................ .. Capital stock lour 05)............ .............. (TJPairMn surplus ....________________ Earned surplus -------------- ---------------------- S-13.146.764 2113.019 5.681,365 2.651.553 1.531.01.1 J R*>> 0.743.000 `lO.nflijwo S'i.840.453 54S.n47.M8 208.902 5.681.365 2.511.106 3.354.446 1.803.253 2.865,700 89.801.820 4,411.825 71^77.984 $44,459,046 109.224 5.641.365 2.322.468 1.420.646 2.141,826 89.390.220 9.116.505 55.823.528 S29.70l.183 109.503 5.631,365 2.319,968 1,651.782 88.99f1.220 2.301.505 43.241.741 $18,116,707 4.1.94!) 28.947 5.681.365 2.353.291 1,864.984 18.522.240 9fi!U21 36.850.709 123^30.132 80.41! 135.07? 5.681:105 2.368.458 1.SS7.9JT 5S.2B2.SW 770.98S 65.908.940 llt;$2T.:679.207 172.678 4.931-106 2,462.116 1.738.130 2.407 niit.m* 525.000 01.SS1-.595 Total .....................................--____ -- Net current assets......... ................. 8251 6.12.186 584.666.723 8227.313.820 $05,479,539 S2flfi.R70.R28 $57,278,311 $174,003,267 $54,055,119 $154,425,574 161.798.513 $155,405,350 6S6.69S.978 $146;20A.1M SS2.602.412 PROPERTY ACCT--ANALYSIS Additions ot cort_____............... Retirement# or tales......... ...................... Other additions_________ ...... SI2 4 >9.261 1.630.912 $20,997,952 3,404,091 115.48-1.600 2.037.958 712.417 $19,725,033 2.435.974 900.707 8i.34J.513 297,080 51291 S3.66S.7S1 1.089.89$ 23.150 SS.3T5.4fi* 1.2*1497 46*32 Other reductions _____....... ... DEPR.. DEPL * AMORT. US -- ANALYSIS Charted to profit dr loss......... Charged to other accounts............. Retirements, renewal# 3e replace-----[TOther chanr.es ..................... .................... Sfi.7T3.126 M91.4G6 dr 25.811 $6,229,817 2.793.727 dr 1.35ft 155 $3,977,657 324.569 1.210,306 SS.694.81S 315.065 2J33.tlS $5,439,206 133:102 667.919 61.460.544 6.836 $87,753 S8.fi62.U7 54.1 Jf 133.204 rr 1.399 "ltMD: After c-rvrliring excess of proceeds t iTAt lesq ihon cost or market. 1949: Finished over nnr %aluc of capital slock issued in !!)49, ` gonds. $29,715,232 n<8. S34.196.058): work in Si.l4n.750. . process. $3,728,410 11948, S3.729.728): raw ma- After crediting excess of proceeds terials. ST0.70R.67R (1048. S13.560.IR7): supplies over par value of ennitn! stock Issued Jn 194S. (ineluuinrr repair parts). $10,912.1)91 QS4R. S12,- Sl.njtf.lZO. (172.904); total. $55,065,009 (1948. $63,579,777). 7.1958: Represents n serve for extraordinary Peprvclattofi Pelley: Provision for depre clay and coni deposits, etc., for 1949 was equiv alent to cost of such resources recovered dur ing year (that cost being computed on basts of ratio of resources recovered to total recov erable resources estimated by company's engineers). General Nets* obsolescence transferred to earned surplus. ciation of depreciable assats was made at (a) Accounts certified by Raskins A Sella. OTLower of cost or market. Market value, various annual rates, which are based on the (b) Above consolidated statemepts Include J0411. $2!Ufi6.*91. estimated useful lives of the respective items. all domestic subsidiaries whose business pol XLowcr of cost or market. Market value. Computed composite annual depreciation icies and operations are directed by the parent * After rLserves 119-19. $2,106,770. ic Yj 19- Used in business: Property Reserves Land............................ S4.5G4.C34 Land improve. - 3.0J2.738 61,121.428 Salt. etc.. dvDOS. & cas res. ... J.5K3 8'0 388.C50 Buildings _________ 511.345.733 22.031.729 Mach. Sc equip.. 12 ,./ll7.?.8 66.480.071 Construction .. ..G99.354 ............. .. Other property .. ___1.146.049 rates for 1949. based on provisions for year nd balances in adjusted property accounts at beginning of year, plu one-half of net additions for year, follow: Used in business: mm improvements, 4.22%: buildings and building equipment. 2.49%: machinery and I'quipment. 4.52C7; other real estate, land and dwellings for employees (Including facilities notin operation): Residential buildings.3.13%; buildings held for future disposition, none: machinery and equipment (all fully depreci ated). none. through its organisation, except Southern Al kali Carp., Southern Pipe Line'Corn. and Southern Minerals Coro. Company's. Belgian subsidiary is not included in accordance with practice established In 1940. Company's other foreign subsidiaries (4 In 1949. 3 in 1948 and 2 in pror years) are not included on basis of being considered not significant. Net excess of equity of company end con solidated subsidiaries In net assets of domestic and Cannadian subsidiaries not consolidated over carrying value of- investments therein Total ............. .. SI 92*1821.9'Ii $91,667,927 Provision for depletion of salt, limestone. amounted to $18,538,687 at Dec. 32.' 1949. PIMANOIAL * OPERATING DATA Statistical Record 1949 1948 1947 1946 tniMs 1U4 19U Earned per share.................................. ........ Dividends per share......--...------ Price range----------- ...--------------------------Net tangible assets per share------Number of shore# ..................... -............ SJS3.79 SI.75 37Vn-2Rn.i $20.56 9.030,182 3153.33 $1.75 39'V30 $18.44 8.980.182 35.11 81.70 42%-32'it $16.62 8.939.622 $1.92 $1.20 48V*30 $1512 8.899,622 $U3 HI$4.25 4*<i-39V% $14.27 6.852024 tt.rn 64.23 1S96&-95 $38.(5 24U.$0fl 8.06' .00 W* 84Ji $53.24 1406.723 rinanntal end Operating Ratios Current assets -curr. liabilities-------- 5 cash A securities to curr. assets____ inventory to curr. asset*-----------------% net curr. assets to net worth........... ri property depreciated ........... .. c arm, depree. to gross property.___ 2.86 40.35 12.32 45.50 47.54 3.51 2.44 22.46 57.37 39.54 47.30 3.42 31.02 60.62 38.56 (51.09 3.63 in 38.99 44J 40.18 E52.50 3.79 4.41 D.52 35.71 48.93 GB56.87 4.18 $.44 $2.88 64.02. 46.49 aw1.** 4.25 1.74 $1.98 84.6$ 44.7$ 0152.14 4.51 Capitalisation: % common stock St surplus........ Saies+lnveotory.................................. ........ Sale*receivables ................. % sale* to net properly......................... .. % sales to total *e*s................................ % pet ir.rome to total assets.......... % net Income tn net worth..______ _-- Analysis of Operations Net sales _______________________________ Costs, goods A manufacturing.....-- Cross profit from product*............... .. Gro^s profit from oux. > PcNitionf,......... Total ................................................... Sel1 . gen ft *lm. exte::.<cs.................. Operating rrofif........................................ Other in *o;nt* ..........................................-- Cwrc'r. income .. ......................................... Tnrcrr.e inctl'ir.* . .. --... Net inof.rr.o h-to*e 'rn.tr.c t-iy.ea, etc. Provision for taxes on Income ....... 100.00 5.1t 12.93 278.25 111 85 13.Gl 18 45 ioiron 52.78 37.22 "ff 17.88 19.31 i.'if) n 21.12 7 57 100.00 4.40 12.52 291.84 123.19 13.15 18tn.05 100 00 66.71 33.20 '*`33 2S 14.89 18 37 1.11 19.48 0.21 19 7.7 7.57 100.00 S.09 14.06 326.36 J 27.02 . 13.44 18.70 % 100.00 61.93 35.07 rfn'of 13.'! 21 36 0 96 22.32 0.KD 21.43 9.52 100.00 4.95 11.05 258.58 106.1$ 9.80 12.68 % 100.00 G8.68 31.32 31.12 14 7.1 17.11 2.22 19.3.1 2.5) 16 J*!> 7.3* 100.00 5.0S 15.32 252.82 9.33 f.*7 10.73 % 100.00 71.29 28.71 0.04 28.75 16.01 12.7-i i.r.n 14.2!) 0.33 14. in 4.T6 100.00 8.25 ia.65 644.98 9181 $45 11.09 10?1>0 70.53 29.47 0 17 29.H4 i2.o: 16 rfi 1 UG 16.1'! 0.07 u.m 8.72 100.00 4JO 12.08 186.01 81.65 8.16 1149 % 100.00 68.81 21.09 0.48 31.57 13.73 17.84 2.09 19.93 0.21 19.72 8.SI Pirrwior. fir. rrx........................................... r.*p:*inm.*nt cnr.t reserve--------- ..... 1*28 1.03 .Yet ;r,r-.rre . ....... ................ .......................... .1..2..1..7. io.r,7 10 5 9.21 9.4ft 9.4:: 11.21 COn Dee. 16. 194$. four 510 par shares were issued In exchange for eaeb $ par share. Statistics) record for 1946 applies to 210 par shares except for dividends. 3J Applies to $28 par chares. xflO par shares, 125 par shares, i60*fc~H7. : .) i *i ' n pr-.'i!- *t, i-'Tf.as'- eborres for d-predation 1o a vpl.'ici ment cost rather than an original cost basis. Before such ap- ` -rw A p. r h:.r> v.:.v '919 St.2u: 1918. ST!;.fA. (r "n vr-* ri::rv 'hv^esrfnri* rt-vorve CAP1TAL 8TOCK l, Pittsburgh Plate rttas> Co. ilotk; par SI0: A rm:rjut77.n - 0 .sharps (incrr,is<*;' from . : l' I. hares Dec \'jW, cuU'aul * . ; !/ j ` U*t-r s p:.*- S hi r nr O-r 0 hn- 525 r.jr r>'-- , i;,-" -.n t >yh*r ff*r <*nrh Slf' n.-.r shar*-. c rn : I'rnTi r-;, rnr f),.r 1**4'-. four *:<i r..,'. . (or S.*. *hnre). .. ' '.; I1* f.V, f/ rrd 2>71. 0vitfn4 Record *n ' Dar Sh-*.-SI *- 'J :. - : <> :( ? :''j- :' ` Kj. ' VI S) fi.oa *n:7.2:, . f.OO psr sharrsi , TnEElvnTrVE RTOHT$i--A-s nrcvldcn by the r-.sn no' 1110. 2.ftft ' 4t<iKftaa ol the Commonwealth of Pcnnryl- t.7S 1912.. n 7:. inrt.i. 0 70 > Vania a -r, :} -t:. I 1 n/j 2 .!!'! n r.ri l 1 7.-. ior/j. r,.nn 1 .'0 1043. 1 2.S ejjft nor fhn res) 1 ->0 ;l*.;7 . i 7 i:4s 5-12 l TSTETV-On New York and Pittsburgh Stock 1 on ; Exchanges. # .TRANSFER AGENTS--Peonies First National Hank A Ttiist Co. PltUburgh; City Bank j y- ; ;rarmur> Tru.'.t Co.. New York. /i * Phi!' :a^ in Ktnck Apr., 1917. i REGISTRARS--Mellon National Bank A Trust 1 Co.. Pittsburgh; Guarmty Trust Co. New '? *!:1-.- y\r. in etnrk Des. , 1920. .York. fui< y^, !r. ftork" J^n.. ;mv?r>EVr PAYrNG AGENT--People First * nl `.r- .r. stock Dec 1. 1928. 1 MutwnM U: nk & Trust Co.. Pittsburgh Ai.ri' 1. ! lSSmO- i'i'f.n re<*rnrpMraticn In 2f'7.- Divtdftod* pay*ihle quarterly Apr. i, r*te . In * ;2 shares .( new illW c.ar n toe It w<*rc issued t ick <j( record about Mar 10, etc. > ,u ioltuv.'i. 247.500 shares to bolder! of old MOODY'S MANUAL OF INVESTMENTS 2703 *100 par common on a *h*rr for share basis } 47.7J!B share* to stockholder* of Columbia i stockholders (46%) of Pattop-PUeairn Co. on l.5<0 share* to holders of old 12*. preferred Chemical Co. on the heals of 8/10 of a share fa share for share basis, on the hasi* of two shares for each share held. I for each share held; 10.S74 shares to minority I SOUTHERN ALKALI CORPORATION (Controlled jointly by Pittffeursti Plata Glib Co. (51%) and American Cyanamid Co. (49%) 1 History: Incorporated in Delaware Apr, 20. linked and Southern Minerals Corp. (affiliated Liabilities front'd) 19.11. company! In 1948. Taken from reports to SEC. >'So. Min. Com. Business: Manufactures heavy chemicals. fTDiy holes and abandonments. com. stk. ($700) 10.000.000 10.000.000 Property: Plants located Jn Corpus Christ!. VSoulhern Minerals Corn. M04D. Sl.474.Gfi4; Paid-in *urp--So. Tex. and Luke Charles. La. Salt brine for I94B, S2.mo.32fi) and Southern Pipe Line Corn.. Aik. Corp............ 373.000 375.000 manufacture ot Corpus Christie plant Is piped 10-19. S10.70S: Jfi4fi S2.T072). Amount charged fflCapitnl sum.-- from company's own wells ana natural gas pro in s*t surplus (1919. SI .484.412: 1048. S2.233.5fl8) So. Pipe L. Corn. 27.900 for-power is provided from company's near excludes (1340. S526.31G: 1948. S78D.474) for Earned surplus ... 2C.030.237 21,205*400 by field. Southern Minerals and (1949. $89,272: 1948, Control: Capital stock Jointly owned <51% SJUL'.non fnr Southern Pfpc L*ne paid to Total ............... S52.839.920 $52,938,500 and 4!l7f respectively) by Pittsburgh Plato Southern Alkali eliminated against income of STNet curr. assets $13,220,777 Sn.136.HJ6 Class Co 'sue rrerctiing statement' arid Amer ican Cvannmiri Co <seo central Index). Subsidiary: Southern Pipe Line Corp. *$27-% owned). Also owns a 26.32'S. Interest In Southern Minerals Corp. /.77 5.S7- owned by Pittsburgh Plato Glass Co.l. company. 431007 stork dividend (50.000 sharer! paid hv Southern M'nerals Corp. fere "Note" to I;ilance sheet). TlOlO: Comprise.*: sates to outside customers. 843.902.525: to affiliates not combined. $1,528.total. S4S.431.075. ^'Southern Alkali Corp.. Southern Pipe Line Corp. and Southern Minerals Corp- In 1949*. Southern Alkali Coro, and subsidiary consoli dated and Southern Minerals Corp. (affiliated company) in 3948. Takcn from reports to SEC. (^Finished chemicals, refined products, work in process and materials and supplies, at low- Officers: H. F. Pitcairn. Pres: C. M. Brown. W J3. TVM F. M Fargo. Jr.. E. T Asplundh. O N. S*pvfns. Vlre-Pres.: J. H. Heroy. Sec.: ' For value of stock distributed year. S590.000: less Southern Pipe Line to stockholder* In portions of Southern CPrfo,ipr-. per. or of average cost or market: crude oil. at opproximate market--field posted market prices plus transportation charge*. W. V. Simmons. Truas1.: II. B Brown. M A. L-ine- C o- ro, balance of retained earnings. $81.- 1.5100.000 ro par shares. Represents proceeds Burke. Mrs K. L Ellis. Asst. Sec.: J, G. Firmini*. A?t Tron-; : C- R. Fay. Com! Director*: C. M. Brown. Raymond Pitcairn. H. F Ptic/urn. F w Winkles W. B Bell. E. T -11'7- balance. *4183..558*3. Combined Balance Sheet* as #f Dae. 31: Assets: 1949 194ft Cash ............ ............ 310.258.923 38.971.87(1 of sale (32.50o.000) after deducting $375,000 credited to-paid-in surplus. dllncludes 26.315 30/38. shares held by South ern Alkali Corp. Asphindh. H. P Eastman. F. M Fargo. Jr. Working vnds R. C Cangl'T. J. H. Herey. K. C. Towe. XT. s. Govt sucur. Annual Meeting: Third Wednesday In April. Office: Corpus Christ!. Tex. O'hcr securities.. Rri'Hvnbfes, net . 'FFiimhed chem. 'Combined Income Account. years ended 'rCrudo nil ...... Ore. 31: 1949 1346 rlleiinurt prod. N f sales ............... .TS45.431.075 *61.907.448 ru'ork in proc... Rentals .8: nrviees 112. !32 117.510 TMotcr. & suppl. Gross oper. inc... C*i^t of sales_____ 43.543.207 2M.433.277 62.024.958 Raw mat. adv. .. 39.233.529 Selling, rte.. cvn . 1.338.513 1.265.480 Total current. T.avi-.s .'othi?r than ineti ... ...... Depreciation .. . 641.339 1.932 870 Investments _____ 1.024.72ft Other receivables 2.043.094 Plant A equip. .. Denlrtiinn ............. 634.001 833.393 Deprecation ____ . ? Retireineut loss. 1 ntiev* 1.l:!d. rent. 941.452 9D.250 1,162.388 Denl< ur a_______ 95.956 Net "fOnertY .- Net oner, income. Other Intnme____ J0.170.90S 135.902 16.346.392 Deferred charges. 50.198 Total income____ Dfbi intiTf-'t____ O'her titierc-st ... Sumirv . Perl, income tax.. 10.306.607 177.676 25.474 121.221 3.164.411 16.396.590 125.000 200,008 91.861 5.154.720 Total ............... Mobilities; Notes payable ... Accounts payable Due parent______ Fed. tax rwlbisf .. Sipte income tax. Net iricomt_____ _ Sm ulus. i-J........... Surtili:.*- rn.'i!:t C.;-h '!ivu!s f'-^tr-rk dividend. Surplus debit .. ' "n.nna 6.747.82S ..2l.205.4C6 J.IRI.-II2 4I8.5S3 Due affiliates____ 112.291 Fed. income tax-- 10.700.7!0 17,732.028 Other accruals .. 260 T2.233.55tS S.OOD.OOO Total current. Notes nnyabla Fviraorri. maint. SuroluJ. 12-21____ Famed r.er sh-.wi:. Number <\f `bares 26.050.237 sr-7.,ft 100.000 21,205.406 SJ07.07 100.000 Deferred credit Minority inierest. ;so. Aik. Coro, 5.297'166 255.000 3.683,206 449.632 1.521.529 853 ? 1.834 2,123,532 S23.609.611 206.822 6.69S 48.666.958 14.456.626 6.429.569 27.696.763 1.326.029 tS2.839.920 13.000.000 2.691.851 70.361 3.257 3.SS0.922 1.066.543 $10,382,834 3.000,000 206.609 240 2.713 ^Includes 6.000 shares held by Southern AN 5.197.100 195.000 kali Corn. ^Excess of par value of Southern Phillips 5.06.288 Coro, stock over par value of Southern Pipe 439.110 1.163.57! Line Corp. stock issued at date of merger. Note: During 1948. Southern Mincrftla Corp. 2.283 paid a 100% stock dividend amounting lo $$.- 000.000 which was not taken uo as Income in 2.314.399 books of Southern Alkali Corn- or Pittsburgh 2.800 Plate Glass Co. Thirdividend reduced earned surplus and increased combined cnDital atock *23.895.140 by S3.000.000. As investment of SoutherivAlkall 103.251 in Southern Minerals in not eliminated in 45.868.049 12.755.649 5.862.407 27.248.903 1.689.176 consolidated balance sheet, no adjustment ot combined earned surplus war mode. If ad justment were made, combined earned surplus would be incressed-$I.3J5.759. Accounts certified bv Haskins & Sells. _ Bank Loan: Outstanding. Dee. 31. 1949. $8.- 000.000 payable quarterly to Dec. 31, 3951 with S52.93S.5GO interest from 1.75% to 2.625% per annum. Un S3.000.000 2.803.970 113.80ft 3.256 S.6W).9<a 1,236.528 der terms of loan agreement; dividends can not be paid (except in stock) until notes are paid. Capital Stock: Southern Alkali Corp. stack; no part AUTHORIZED -- And outstanding. 100.000 <hares: no nar. $12,758,524 6.000,000 OWNERSHIP--51% of stock owned bv Pitts burgh Plote Glass Co. and 49% by American Cyanamid Co. 183.212 108.000 DIVIDEND RESTRICTIONS--See bank above. loan 181.417 DIVIDENDS PAID-- 1936... $12.50 1937-.. $46.25 1938___ nil '"Southern Alkali Coro.. Southern Pipe Line common stock - 2.125.000 2.129.000 1935*__ 1.50 1940... 3.00 1941... 5.50 Corp. and Southern Minerals Corp. in 1949: t So. Pipe Ln Corp. 1942... 3.75 1943... 2.50 194-1-45 6.S0 Southern Alkali Corp. and subsidiary consol i- com. stk. (JlftO) 72.100 1946-49 nil , y # *; r ** a STANDARD OIL COMPANY OF CALIFORNIA CAPITAL 8TRU0TURI Times FUNDED DEBT Amount Charges Earned Interest Call Price Range Ioo Bating Outstanding 1919 1948 Petes Price 1940 1992-49 1. Debenture 24;s. due 19G6 _. Aaa 525,000.0001 6I.0S 133.05 fFAA 1 naioa 1041&-10214 T] 07V-99 2. J.SS';* bank loan, due Aug l, 1958___ 73.000.000 ( i............ Te*t CAPITAL STOCK Par Amount OJEarned per Sh. Dlvs, per Sh- CaU Price Range Issue Value Outstanding 1949 1948 1949 1948 Price 1949 1932-49 1. Cnnitnl stock No par (314.336.596 shs. *9 62 S11.83 ffiSI.00 $4.00 _ 70-55 . 73-13U Tf> Aug. l. !D53. inch. 10? thereafter to Aug. 1. 1957. Also for sinking fund at JOO--see t-xt. !PAs of Jan. 28. 1950. fTBased on sharea out standing r payment of stock dividend in following January. iffJRangc since 1941. "^Privately placed. OOAJso 5% in stock. HISTORY rrrised its share interest to approximately 5fl*- Interest In California Arabian Standard Incorporated In Delaware. January 27. 1926. luilf and in 1348 to 100<*. Oil Co (now Arabian American OU Co.), which to cqui:e, subject to l;ab)lltir;.i. properties and business the Standard Oil Co. (a Cali fornia < orpr'r.'.tlor, which was organised in On July l. 1525. organized a wholly ovned subsidiary. Standard Oil Co. of British Coliimt>r. Ltd. for operation In Canada. v/ns operating a concession on the east coast of Arabia (about 40 miles from Bahrein Island) and a 50% interest In N V. Ncderlandsche 15*;i pnd to rmqu're all producing properties, ccrta: , rontracu and tfl Wrvtmen:*, of the Pat fie Oil Co. Issued 97816 434 shares to fiockholiJers of Standard Oil Cn. on the basis of share for .share and isrued 3.500,000 shares to Pacific Oil Co. for distribution to its stock holders on u *ibre for share bnsJs. Both pre decessors had been established units in the oil tndu<try Jn September, 5929. acauired control of Pacific Public Service Co in order to further dteveiopn*nt *-' and afford r.n additional me.rkvl Uw !...'u; .1 In 193a. joined with other holders of gov ernment leases In tb-2 formation of ihe Kettle- man ,\rh Afj-rjcl.itif.n lo opera** at a unit certain properties ln tn> Kettleman Hills rt:a ->r -nla. C-.mpanv'a extensive fee lar.us -it Kcttlcrr./in Hills were not included out i-*.mp?.ny entered into a contrart with the a;S`;'iatrjn :-r the co:pcrutive developroeot of V.-.e u'-M >s a wnMe In 1920. pun' d with the Reason Sun Co tn fhu mrn.:.:-.-n Co' nrtrf'l<!iim Co al.m r* jnn l, 1930. tooK v-.-r t'r tTru- ir.acf* .n ttiout 200."`(f* nrres In me -tMc i.i r.-i;'.--:-. '.'unf-mJa During 1936. company arranged with The Texas Corn for the consolidation of certain of their foreign Interests. Company's wholly owned subsidiary. Bahrein Petroleum Co., Ltd., had previously developed an oil field on Bahrein Inland ln the Persian Gulf and had erected a refinery but had no direct market ing outlets The Tessa Corp. had subsidiaries, ^he Texas Co. (Australasia) Ltd.. The Texas Co. (China) Ltd., The Texas Co. (India) Ltd.. The Texas Co. (Philippine la.) Inc.. The Texas Co. I South Africa) Ltd., which owned extensive marketing facilities tn China. Indlr. Australasia. Philippines, Africa and else where but were without sources of supply ticnrcr then Untied States. Under tl.t agree :.'u:t the Bahrain Petroleum Co . Ltd., doubled Iti. r>i,t`.trn.linK capita I stuck and :ssued the nd. d.:i!a?*al r-^ek to The Tftxj* Coro., which in tun tr.-m iferrod to Bahrein ownership of h* marketing subsidiaries nrevlously men. ttrvv.l .s^h vr.ita P.ahrelT1 Mibeqt:cr.ttv rr'-',sf''f*r-| to n now wholly o'^med suhr*dtary Crllfornta Texas Oil Co . Ltd.) Ats'i tn tP2A. comnanv mafic t\ additional .tr"nccrcnf n/tth The *T*xa C'ncr^ or which tn Inner ac'ti.ircd a half h*re in company's Pacific Petroleum MaatschappJJ, which had crude oil concessions In Sumatra and Java and also had a 20Interest In Netherlands New Guinea Petroleum Co., owner of a targe con cession in Netherlands New Guinea In Dec., IP48. Standard Oil Co. (N. J.) and SoconyVocuum Ol) Co. acquired on Interest In Ara bian American Oil Co. Interests of the. four companies is now 30% owned each bv Stand ard of California Standard of New Jorsey, and Texas Co. nrfi 108?. bv Socony-Vacuum. As consideration. The Texas Corp- agreed to r>*v to the Far Eastern Petroleum Co.. Mfi. S3 ooc.ooo cash and fttfi.ooo.ooo in deferred payments rfn-be m/ide when and ae oil 1? pro duced fron' the Arabian or the Netherlands New Guinea ennraaainn) at the rate c.f 25 cents per barrel Tt olm> granted *n nrtlnn until July t. Jy29. r.n -* half Internet in r.lna of Its marketing ub.ridi'trlas operating in European countries, c.ne in the Canary Islands, and cor.f.tgmT.rnt ngencte* tn Madr'.-.a and on the west coast of Africa However, the right to exe*rise the onttnr. was r..ntirgcnt upon the dcveN /pmept In Ihe Arabian and Neth*rlond New Guinea confession* nf 72.0flfo ono har-els of 'rude '-i! reserves. 'Fha con*idsreti m to be naM was to tie the '.'V rise of T>e Texas Corn In July. acquired n AUPatai.tiaj ^hare nroduelr.fv i-t-vr-sl In Arahla Nethe.rlanrlt from Its contingent obligation to oT the IJR - \r, * -r-.i;. Spiav-Cheroc.'t ('nrp which F.avt infiirs nnrl New Guinea In Deeemher (iffl onr nrex'lons/.v referred (c. frr the oti pfp- .-ot t nP'd *i rr'.rgQm/atin!. <*( 0*e CnlUntnia The Texas Coin acQulTed from company's d* ri*r propertie-* Ths optlno was rever 5pr;iy r-.t.m.i-al Co During J93(', compnry in- svh` .fllnry. Far Eastern Petroleum Co., Ltd., a c-.vcrri?ed.